New Delhi, June 23 -- India's leading law firms such as Shardul Amarchand Mangaldas & Co, Khaitan & Co, and JSA Advocates & Solicitors have voiced concerns about the increasing difficulty in withdrawing companies from insolvency proceedings.

A key hurdle is the stiff requirement for a 90% voting threshold from the committee of creditors (CoC) to approve such a withdrawal, even when a viable insolvency resolution plan is near, they said.

"One of the key challenges is the requirement of a 90% voting threshold from the committee of creditors (CoC), which is often difficult to achieve," said Shardul Shroff, executive chairman at Shardul Amarchand Mangaldas & Co.

Shroff was pointing to section 12A of the Insolvency and Bankruptcy Code that ...